Collateral Release Date Clause Samples
The Collateral Release Date clause defines the specific date or conditions under which collateral held by one party is to be returned or released to the other party. In practice, this clause typically applies to financial transactions or secured agreements, where collateral is held as security until certain obligations are fulfilled, such as repayment of a loan or completion of contractual duties. Its core function is to provide clarity and certainty regarding when the collateral will no longer be encumbered, thereby protecting both parties’ interests and ensuring a clear process for the release of security.
POPULAR SAMPLE Copied 1 times
Collateral Release Date. Immediately upon the occurrence of the Collateral Release Date, the Liens in favor of the U.S. Agent and the Collateral Agent in the Collateral shall automatically be released. The U.S. Agent and the Collateral Agent shall (to the extent applicable) deliver to the Credit Parties, upon the Credit Parties' request and at the Credit Parties' expense, such documentation as is reasonably necessary to evidence the release of the U.S. Agent's Lien or the Collateral Agent's Lien, if any, in such assets or Capital Stock, including, without limitation, terminations of Mortgage Instruments and financing statements under the Uniform Commercial Code (or equivalent local legislation), if any, and the return of stock certificates, if any.
Collateral Release Date. On the Collateral Release Date, the Collateral Documents and the Subsidiary Guaranties shall immediately and automatically be released without any further action by any Note Party or any other Person, the liens or mortgages granted to the Collateral Agent pursuant to the Collateral Documents shall be released, and the Subsidiary Guaranties shall be released.
Collateral Release Date. On the Collateral Release Date, the Collateral Documents and the Loan Guaranty shall immediately and automatically be released without any further action by any Loan Party, the Administrative Agent, any Lender, or any other Person, the liens or mortgages granted to the Administrative Agent pursuant to the Collateral Documents shall be released, and the guaranties in favor of the Administrative Agent pursuant to the Loan Guaranty shall be released. The Administrative Agent shall, within a reasonable period of time after Borrower’s written request, provide Borrower with any reasonably requested releases, terminations, or instruments necessary to give effect to the foregoing release, which shall be at the Borrower’s sole cost and expense.
Collateral Release Date. Section 1.5. Company — has the meaning specified in the introductory sentence. Company Fiscal Year Net Worth Increase Amount — means, for any fiscal year of the Company, the greater of
Collateral Release Date. From and after the first anniversary of the Closing Date, the Borrower may request that the Administrative Agent release the Liens on the Equity Interest Collateral securing the Obligations, subject to the terms of this Section 7.3(e). Within thirty (30) days after request from the Borrower, the Administrative Agent will release its Liens in the Equity Interest Collateral subject to compliance with the following terms and conditions (any date of such release, a “Collateral Release Date”):
(i) no Default or Event of Default has occurred and is continuing before and after giving effect thereto;
(ii) Borrower has delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate as of the last day of a prior Fiscal Quarter pursuant to Section 8.5 setting forth in reasonable detail the calculations required to establish the Borrowing Base Value after giving effect to the requested Collateral Release Date and evidencing compliance as of the last day of such prior Fiscal Quarter with the Borrowing Base Requirements and the financial covenants under Section 8.22 that would be applicable from and after the Covenant Step Up Date (or, in the case of Section 8.22(f), the Collateral Release Date);
(iii) The Bridge Agent shall have released (or shall concurrently release) all Liens on the Equity Interest Collateral securing the Pari Passu Indebtedness;
(iv) all release documents to be executed by the Administrative Agent shall be in form and substance reasonably satisfactory to the Administrative Agent; and
(v) Borrower shall pay all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with such release, including without limitation, reasonable and documented outside attorneys’ fees. The Administrative Agent shall notify Borrower and the Lenders of the occurrence of the Collateral Release Date.
Collateral Release Date. 3 Commission . . . . . . . . . . . . . . . . . . . . . . . 3 Company . . . . . . . . . . . . . . . . . . . . . . . . 3
Collateral Release Date. The Lenders hereby acknowledge that the Collateral Release Date has occurred and the Restricted Period has ended, the Guarantors have been released from their guarantee of the Obligations, the Security Agreement has terminated and all liens directly or indirectly in favor of the Lenders under the Security Agreement have been released.
Collateral Release Date. Section 1.6.